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VeChain (VET) is a blockchain-powered supply chain platform. Begun in 2015 and launched in June 2016, VeChain aims to use distributed governance and Internet of Things (IoT) technology to create an ecosystem that solves some major problems with supply chain management. VeChain is the product of creator and co-founder Sunny Lu, an IT executive who was formerly CIO of Louis Vuitton China. Let us look at the technical analysis of VET.
Past Performance
VET started trading at $0.1191 on 15 October 2021. One week later, it closed on 21 October 2021 at $0.1292 with a change of 8.4%.
Source: https://www.tradingview.com/x/f54bO4Fl/
VET Technical Analysis
The VET trend took crucial support at $0.1145 to reverse itself. The lantern part of the week saw an uptrend as a result of this. The current trading price of VET is $0.132, which is 2.5% higher than the previous day’s close.
OBV is showing that the buying pressure significantly overpowering the selling pressure. This is a bullish indication, meaning the traders may take a long position.
RSI is showing an uptrend in its chart, which is again a bullish indication. It is currently at 65.9%. The traders may take a long position here.
MACD is showing that the fast and the slow lines have moved from the negative to the positive region. They continue to move in the upwards direction, which is a positive signal. There is no divergence of the MACD graph from the price chart. The traders may take a long position.
Day-Ahead and Tomorrow
Fib numbers show that the trend reversed itself from the Fibonacci pivot at $0.11. It has crossed the next fib levels successfully.
Thus, the VET traders may take a long position. This is because the indicators are showing storing bullish signals. The target can be kept at $1.45 and stop-loss at $1.27. However, as the RSI is close to the overbought region, a trend reversal is also possible.